Although visits are less frequent, they are cleverly targeted or firms are subjected to onerous remote inspection.

Proactive planning is key, and firms should plan towards the inevitable. If you avoid a full blown FCA visit, you are still likely to be on the end of an information request or thematic review.

So how can you prepare?

Well, any good risk management strategy will aim to mitigate business downtime, which could be caused by several factors, one being regulatory investigation leading potentially to an FCA or section 166 review, regulatory fine or cessation of activities.

Here are some thought starters:

• Have you read the latest FCA Business Plan which highlights areas of regulatory concern (produced annually)?
• Do you know what the current industry ‘hot topics’ are?
• Are you exposed?
• Can you produce detailed management information and do you analyse the data?
• Do you have a risk management plan and have you tested it?
• Have you read and adapted to industry guidance?

ATEB can help you to proactively manage this risk. The sooner you start however, the better. If you leave it until something official drops through your letterbox marked ‘FCA’ and ‘Urgent’, it may already be too late